Oil prices dropped Friday after the Organization of the Petroleum Exporting Countries decided to maintain current production levels even as crude markets remain mired in a supply glut. Light, sweet crude for January delivery settled down $1.11, or 2.7%, at $39.97 a barrel on the New York Mercantile Exchange. Prices fell 4.2% on the week. Brent, the global benchmark, dropped 84 cents, or 1.9%, to $43 a barrel on ICE Futures Europe, posting a 4.1% weekly loss. Oil prices have hovered near $40 a barrel in recent weeks on ongoing concerns about the global oversupply of crude, which had sent prices plunging in late 2014. OPEC production has climbed in recent months as members battle for market share, and non-OPEC producers, including Russia and the U.S., have kept their output high despite low prices. OPEC said Friday that it would “continue to closely monitor developments in the coming […]